Experian Health Acquires Wave HDC, Immediately Enabling Real-Time, Single Inquiry Insurance Discovery/Verification at the Point of Patient Registration
November 30 2023 - 8:00AM
Business Wire
The companies’ combined capabilities will
deliver previously unattainable efficiencies, contributing to
increased staff productivity and much faster collection of millions
in payer reimbursements.
Experian, the global information services company, announces it
has acquired Wave HDC, a healthcare technology leader that offers
AI-enhanced data curation solutions to identify unknown insurance
benefits coverage and critical patient demographics at the start of
a patient’s healthcare journey. The acquisition bolsters the
Experian Health business portfolio with more comprehensive and
faster healthcare coverage identification and automation
capabilities.
Wave HDC offers several insurance “curators” including
Coordination of Benefits, Eligibility and Medicare Beneficiary
Identifiers, and serves hospitals, laboratories, billing companies
and physician groups.
The acquisition will enhance Experian Health’s leading patient
access products to offer an advanced solution that captures all
important registration data in real time from the start, as the
patient checks in for an appointment. No longer will data need to
be chased and updated post-registration. A single inquiry can
search for all the essential insurance and patient demographics
instantly, avoiding costly rework and delayed reimbursements.
“Our mission is to simplify healthcare, and this move allows us
to quickly scale our portfolio with advanced logic and AI-powered
technology to help solve one of the biggest administrative problems
providers face today, which is claim denials,” said Tom Cox,
president of Experian Health. “With our vast clearinghouse data and
Wave HDC’s expertise in insurance data capture processes and
technology, we now offer the best eligibility and insurance
identification products in the market.”
“This is a unique opportunity to join Experian Health to reach
more healthcare organizations with our leading capabilities,
especially during an operationally challenging time for providers,”
said Jordan Levitt, president and chief executive officer, Wave
HDC. “We believe this integration will have a powerful impact for
the healthcare industry, improving financial solvency and
efficiencies for providers through more accurate medical billing,
resulting in potentially more reimbursement, faster.”
Patient registration is long overdue for an upgrade
When the industry fails to capture the right information from
the start, a slew of other administrative headaches is created for
healthcare providers. Claim denials continue to be a pain point for
hospitals and medical practices contributing to more than $200
billion dollarsi per year in lost revenue. In a 2023 Experian
Health survey, 42 percent of respondents said eligibility is a top
reason for claim denials, while approximately one third of those
surveyed cite patient information inaccuracy.
With rising claim denials along with increasingly complex
regulations and constantly changing payer rules, healthcare
organizations need innovative healthcare clearinghouses that
deliver an accurate picture of a patient’s eligibility,
coordination of benefits and insurance coverage quickly and
seamlessly at the start of the registration and scheduling journey.
To learn more about how providers can benefit from these enhanced
offerings from Experian Health, read our Global News Blog.
For more information about Experian Health, go to
www.experian.com/healthcare.
____________________ i Humana Study, 2019
About Experian Health
At Experian Health, we serve more than 60 percent of U.S.
hospitals and more than 7,500 medical practices, labs, pharmacies
and other healthcare providers with data-driven platforms and
insights that help our clients make smarter business decisions,
deliver a better bottom line, and establish strong patient
relationships.
Experian has 22,000 people operating across 32 countries, and
every day we’re investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
For more information about Experian Health, visit
https://www.experian.com/healthcare/. Learn more about Experian at
www.experianplc.com or visit our global content hub at our global
news blog for the latest news and insights from the Group.
About Wave HDC
Wave HDC is an industry leader in Healthcare Data Curation®
services that translate into cost savings and operational
efficiencies for hospitals, laboratories, healthcare providers, and
billing companies. The Wave HDC solution suite is the answer to
lost revenue and productivity due to rejected and uncompensated
claims.
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